后发国家贸易中本币使用的影响因素分析——基于日本出口贸易的实证研究  

What Determines the Share of Domestic Currency Invoiced in Emerging Country's Trade——An Empirical Research Based on Yen

作　　者：许祥云[1] 张为付[1] 

机构地区：[1]南京财经大学国际经贸学院,210046

出　　处：《南开经济研究》2013年第4期127-138,共12页Nankai Economic Studies

基　　金：国家社会科学基金"低碳经济与我国参与国际分工战略的调整研究"(批准号10BJL033)的研究成果;国家社会科学基金青年项目"低碳经济下提升我国制造业贸易竞争力研究"(批准号11CJY045);江苏高校优势学科建设工程资助项目(PAPD)

摘　　要：本文通过实证研究发现,对于日元这个后起国家货币而言,出口中的货币标价受到了出口品差异化程度、资本和金融项目开放度、日元资产收益率等因素的影响,而汇率水平及波动性影响并不显著。美国贸易摩擦和商业压力所带来的日元升值预期只有1985—1987年显著降低了日元使用,而其他两次(1976—1977年和1994—1995年)并不显著,这可能与预期形成机制有关系。最后结合中国实际,为促进人民币在出口中的使用提出相应的政策建议。This article finds that the share of Yen as invoicing currency in Japanese export was influenced significantly by the some factors such as the Share of differentiated products, Regulation of capital account, yield rate of Yen asset, but was not by exchange rate and its vola- tility. The large appreciation expectation of Yen caused by US-Japan trade conflict and business pressure is significant only during 1985-1987 after the Plaza Agreement, but is not significant during 1976-1977 and 1994-1995, the reason maybe lies in the mechanism of appreciation ex- pectation＇s formation. At last gives some policy advice to push the use of RMB in Chinese export.

关 键 词：日元 标价货币 升值预期 

分 类 号：F833.13[经济管理—金融学] F753.13F224